Asset management company Schroders has acquired a minority stake in Qwil Messenger, a chat platform that lets firms and clients to communicate directly through one app.
Qwil Messenger had joined Cobalt, a Schroders’ in-residence program earlier this year. Financial details related to the stake acquisition have not been disclosed.
With this acquisition, Schroders has formalized its relationship with Qwil. The move underscores the company’s commitment of offering new asset and wealth management solutions that better serves its clients.
Cobalt is a platform which allows start-ups in financial services industry to collaborate with Schroders for their development and help tackle the existing investment and industry challenges.
Qwil Messenger is claimed to have made significant progress in the development of its platform since being part of Cobalt. The move resulted in the introduction of a live service for customers in July.
The collaborative approach of Cobalt has allowed Qwil Messenger to develop a product that meets the complex security and regulatory needs of global enterprises.
Qwil Messenger is now being used across several parts of Schroders’ businesses, in addition to other financial services and professional firms.
Schroders chief digital officer Graham Kellen said: “Qwil has developed a product which we believe has significant potential to improve the engagement Schroders has with clients, partners and businesses. We are excited to be taking a minority stake in Qwil, joining their board and further backing its growth.
“This investment is already tangible evidence of the success of Schroders’ Cobalt programme.”
As per the British company, Qwil’s product helps solve an industry challenge by increasing the ease of communication for staff, clients and partners while ensuring high standards of privacy and confidentiality.
Qwil Messenger co-founder and CEO Peter Reading said: “Schroders’ investment in Qwil Messenger is a real show of support for the work we have been doing since joining the Cobalt programme.
“With our growth plans across all professional service industries we believe the backing of one of the largest asset management companies globally will enable us to further expand our platform and scale more quickly.”